Day Trading for a Living? - page 5. | Bitcointalksearch.org

LouVandetta

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Quote from: Renampun on November 03, 2019, 03:25:51 PM

doing daily trading for a living is the most ridiculous thing
I have already said that daily trading is gambling, managing emotions in daily trading are the most difficult thing
I have never seen daily trading that routinely generates profits every day
better to be weekly or monthly trader.

Indeed, I tried to be a day trader but sometimes it needs more time before I take the profits. The alts that I've bought were kinda slow, so I can't really say I'm doing daily trading. I take the profits every other day or weeks.
Not to mention not everytime that I have good days, sometimes it had its bad days.

It's a really tiring thing to do, by watching the market movements for hours a day.

matchi2011

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Quote from: Renampun on November 03, 2019, 03:25:51 PM

doing daily trading for a living is the most ridiculous thing
I have already said that daily trading is gambling, managing emotions in daily trading are the most difficult thing
I have never seen daily trading that routinely generates profits every day
better to be weekly or monthly trader.

But there's still people who continue scalping the market, trying even in a little pinch they can generate profits. Always depends from how traders
approach with risk and how they can handle it. Most of those who are doing this are aware of losing but still proceeding for the chance that they can
get from this trading style. It's achievable in terms of having a good system to follow and willingness to move forward whatever it takes.

BartS

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Quote from: Pearls Before Swine on November 02, 2019, 05:04:47 PM

It wouldn't be my first choice of a dream job, no. From what little trading I've done in my life both in the crypto and stock markets, I find it way too stressful and I've never made money. Being a day trader for a living would be like playing roulette for a living. Too random and maddening.

But there are some people who can do it for whatever reason, who have the intestinal fortitude and talent to make money. They are a rare breed, tho.

Most do not realize how difficult it is to day trade and this is even more true in this market, the volatility and the movements this market can make in a matter of minutes are not something that can be taken lightly.

I consider myself a small investor and that is hard enough for me, I do not understand how those that day trade deal with the high level of stress that such an activity may generate and I have read some articles that many day traders do not last long no only because they lose their money but also because they cannot deal with the difficulty of the job.

Renampun

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doing daily trading for a living is the most ridiculous thing
I have already said that daily trading is gambling, managing emotions in daily trading are the most difficult thing
I have never seen daily trading that routinely generates profits every day
better to be weekly or monthly trader.

snipie

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Quote from: Palider on November 03, 2019, 12:54:15 PM

You will not have a good day trading profit and you will surely lose here even if you are updated on every move in the market.
Unless you have a large sum of money to circulate in the market, or you are one of the whales in the market who can control the market and move its price up and down.

Best attitude is to buy at low $6-7k (last months) and sell at high ~$9k. This example was available only in the previous months obviously.
Daily trading require following charts every so on which is very time consuming for few dollars per $1k traded...

Tungsten-1

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Quote from: Pearls Before Swine on November 02, 2019, 05:04:47 PM

It wouldn't be my first choice of a dream job, no. From what little trading I've done in my life both in the crypto and stock markets, I find it way too stressful and I've never made money. Being a day trader for a living would be like playing roulette for a living. Too random and maddening.

But there are some people who can do it for whatever reason, who have the intestinal fortitude and talent to make money. They are a rare breed, tho.

You are suffered because of less control over emotions as you said it is always stressful for you. You most probably get easily influenced by the decrease in values of your coins and fall for panic selling. If panic selling is your thing, definitely you cannot do day trading. The better option for you is to go with bitcoin for long term trading. As far as making living with day trading is concerned, there are traders who are doing so.

Palider

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You will not have a good day trading profit and you will surely lose here even if you are updated on every move in the market.
Unless you have a large sum of money to circulate in the market, or you are one of the whales in the market who can control the market and move its price up and down.

oktana

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Quote from: bitzizzix on November 03, 2019, 01:40:00 AM

I cannot imagine a trading day to make a living, because the market is difficult to predict and really needs to have expertise in analysis and sharp instincts to ensure that the selected coins will be profitable on that day.
I trade long-term or monthly, always checking market charts, let alone trading a day and 24 hours and many times to always control the charts in the market.

to be consistent to live as a day trader, you must at least continue to learn new things every day, you are familiar with the routine checking routine, only need to change the strategy. Focus first on what percentage of daily profit you want. Many traders give up on the situation because of the difficulty in analyzing, but here is the important key that traders must actually understand all trading methods and their conditions, even including margins and futures.

n0ne

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Day trading for a living is a difficult thing for a common man who doesn't have much technical knowledge. Day trading gives the best when we have handful of earning for a better living and spend on other needs. Now when we get into trading we'll be free to take buy and sell decisions. The same can't be taken easily when our primary earning for living is the same.

Sadlife

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Quote from: error08 on November 03, 2019, 01:55:24 AM

Yes it can be, as long as someone has enough capital for daily trading and reserve funds for daily life at least for 6 months - 1 year as a backup. The most important thing is experience in the trading field for years, if someone does not have expertise in trading, then better it's to choose another source of income.

you have mentioned the readiness to have 6 months of support or back up so i think thats more than enough if they can at least Hold for semi long term,ranked currencies fro 1 -30 usually recovers for a month of dumping so if they can make even 1-5% for month or so then thats enough earning if runs for 6 months right?and what if the bull comes before that half year duration?was not that a Jackpot?so its also depends on the market on how we will react and stand

error08

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Yes it can be, as long as someone has enough capital for daily trading and reserve funds for daily life at least for 6 months - 1 year as a backup. The most important thing is experience in the trading field for years, if someone does not have expertise in trading, then better it's to choose another source of income.

Dewi Aries

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Quote from: Pearls Before Swine on November 02, 2019, 05:04:47 PM

It wouldn't be my first choice of a dream job, no. From what little trading I've done in my life both in the crypto and stock markets, I find it way too stressful and I've never made money. Being a day trader for a living would be like playing roulette for a living. Too random and maddening.

But there are some people who can do it for whatever reason, who have the intestinal fortitude and talent to make money. They are a rare breed, tho.

Not all people can do day trading like professional. But a lot of people out there really think trading is easy thing, and then they leave their job to do trading. I think you are better than that people i mentioned. because when we can measure our abilities, we will not be careless in taking action. And for who want to leave their job to do day trading, maybe they not face how market is lack of volume, or stuck in a dumped coin for longer time more than they expected yet.

bitzizzix

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I cannot imagine a trading day to make a living, because the market is difficult to predict and really needs to have expertise in analysis and sharp instincts to ensure that the selected coins will be profitable on that day.
I trade long-term or monthly, always checking market charts, let alone trading a day and 24 hours and many times to always control the charts in the market.

I pray that it will always be profitable for those who trade a day and for the sake of earning a living.

wajik-tempe

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I think it depends on what they trade, on that paper they samples random people for 300 days in brazillian equity market. Maybe it will be different with cryptocurrency.
I saw many crypto traders had already become rich because the price movement from cryptocurrency is different from stocks, it more volatile and the profits would be so fast. Also the price movement of cryptocurrency market can be read and prediction by many fundamental factors such as from the news and events.

Pearls Before Swine

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It wouldn't be my first choice of a dream job, no. From what little trading I've done in my life both in the crypto and stock markets, I find it way too stressful and I've never made money. Being a day trader for a living would be like playing roulette for a living. Too random and maddening.

But there are some people who can do it for whatever reason, who have the intestinal fortitude and talent to make money. They are a rare breed, tho.

bohr

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Quote from: gabbie2010 on October 19, 2019, 10:32:15 AM

Quote from: Febo on September 15, 2019, 09:56:06 AM

Is day trading for a living your dream job? Get another one – study says 97% of day traders lose money.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3423101

Only 0.4% earned more than a bank teller.

You can thank me latter.

I will agreed that majority of the estimated 97% traders that loss their money are newbies and inexperienced trader I had seen forex traders of more than 30 years in trading having a sound knowledge in it, every dick and harry who are new in trading believes trading is a get rich scheme without any money management and mentoring thus get involved in it invariably losing all their portfolios at a go, trading encompasses deep knowledge in money management, emotional and psychological management to have an edge over the market.

While the majority of those that lost their money are without a doubt traders with no experience in this or in any other market there are also many traders that have years of experience and yet they lose everything as well, the markets are brutal one single mistake can be enough to wipe your capital and the longer you are in the market the bigger the chances this happens to you, and the only way to protect you against that outcome is to have strong money management skills.

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Quote from: syamster on October 23, 2019, 03:05:20 PM

Quote from: syaripudin on October 21, 2019, 02:01:39 PM

for now it is difficult to get a quick profit in day trading because market conditions are still often down and some altcoins are still unable to experience drastic increases, it is because bitcoin price movements have not risen sharply. and I think long-term trading is still an effective way to get big profits, most importantly don't rush to sell it and have to have a profit target to be gained

yes you are right in these days day trading is little bit difficult because of the market conditions as the market in these days are not in a condition to increase or show fluctuations daily that's why many people are not able to get profit from day trading, so day trading for living is not a good idea in these days i think long term investment is good.

Short-term trading is the way for making profit, but you can't count on
drastic increases, it's greedy. With short-term trading you need to be focused
on making couple percents profit, not to wait some higher rise.
There are good coins for day-trading. Bitcoin is one of them sure, we are
experiencing a drop, but soon price will recover. Now it's good time for mid and
long term strategy with Bitcoin.
When I think about long-term holding it's good time for buying as long as price
is under 10000$.

syamster

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Quote from: syaripudin on October 21, 2019, 02:01:39 PM

for now it is difficult to get a quick profit in day trading because market conditions are still often down and some altcoins are still unable to experience drastic increases, it is because bitcoin price movements have not risen sharply. and I think long-term trading is still an effective way to get big profits, most importantly don't rush to sell it and have to have a profit target to be gained

yes you are right in these days day trading is little bit difficult because of the market conditions as the market in these days are not in a condition to increase or show fluctuations daily that's why many people are not able to get profit from day trading, so day trading for living is not a good idea in these days i think long term investment is good.

syaripudin

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for now it is difficult to get a quick profit in day trading because market conditions are still often down and some altcoins are still unable to experience drastic increases, it is because bitcoin price movements have not risen sharply. and I think long-term trading is still an effective way to get big profits, most importantly don't rush to sell it and have to have a profit target to be gained

Genemind

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I have never thought of having day trading as my source of living. It could be good as a part-time job but we can't rely our necessities on it. There's no guarantee that we could gain stable earnings especially when we only have a small capital to pursue it. Also, it requires skill and strategy so a person who wants to do day trading must be eager to learn everything about it first.

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